New to finance apps, trackers and spreadsheets? My pro tip guide to getting started
Here's what you need to consider as you wade through the thousands of options.
Figure out your financial priorities
Different tools are designed to excel in specific areas, and that's a good thing. Are you wanting to focus on budgeting, which involves tracking daily expenses, income, bills and recurring subscriptions? Is your priority saving? Perhaps you have specific targets for an emergency fund, down payment or vacation. Is debt reduction most important? There are tools for managing loans, paydown calculators and even your credit score. Do you want to start investing, or simply progress the investments you already have?
Once you're clear, your search for the best tools becomes easier and you're less likely to end up with one that only does part of the job you need it to do.
ARTICLE CONTINUES BELOW
Honour your learning style
I've supported students with math degrees who can't work through simple budget spreadsheets, and artists who leverage AI to paint themselves a literal picture of future retirement income.
Everyone is unique. The right tools are out there for your style, in your preferred colour scheme, level of detail, degree of automation and more.
How do you thrive when learning something new or trying to get better at a skill? Are you a mobile-first or desktop user (small screen vs. big screen vs. face ID or not)? Do you like to manage money daily, weekly, monthly? My pro tip here is that you should be looking at your money situation a minimum of once per week. Do you like when you get to DIY a lot of the inputs, or prefer it to be automatic? Are you someone who appreciates incredible detail (YNAB and Monarch Money do that, btw), or are you better served with basic overviews like in the free version of Goodbudget?
When in doubt, start with a more simple tool.
Check your comfort level with certain features
Some tools directly connect to your bank accounts so they can pull balances, transactions and other data that help formulate key insights, like categories of spending that seem to be problematic or investment portfolios that appear off-balance. But you might not be comfortable sharing your personal data with these tools and apps. Perhaps you are, but need to do a deep dive on how security measures work, like bank encryption and t wo-factor authentication.
If you're worried about security, you can always take the path of manually updating your own data into a spending tracker, budget or net-worth spreadsheet, and deduce things like investment performance via quarterly and annual performance reporting from the financial institution that holds the accounts. The same goes for debt-payoff calculators; updating remaining balances each week as you crush the highest interest ones first. If you need a hand figuring out what all the numbers mean, a financial adviser or money coach can help you digest this information and provide you with customized insights. They'll almost certainly charge a fee for this service, so keep that cost in mind.
No matter your comfort level, I recommend automating as many of your bill payments as possible so they never get forgotten. If you're up for some personal reflection, keeping a money journal can be super helpful as a place to jot down goals and process any big feelings you might be having about your finances — it's nearly impossible for an app to help with that!
ARTICLE CONTINUES BELOW
ARTICLE CONTINUES BELOW
Paying for tools won't guarantee results
Some tools are free and others are paid, and certainly if you're leveraging any kind of investment platform you'll be paying fees associated with the particular investments and level of service you've subscribed to. Factor the costs into your budget just like you would for a subscription to Netflix. I also recommend taking advantage of the free trial period before you sign up.
Paid budgeting and net-worth monitoring apps typically cost about $100 over the course of a year, but fees vary widely, promo periods end, service tiers change. Keep in mind these tools should be giving you powerful insights to help save you money; if they're not doing that, especially if they're not even covering their costs, they, or your habits, aren't working for you. If you've had a hard time sticking with programs or tools in the past, choose simpler, free financial tools rather than feature-rich platforms you'll abandon quickly and waste money on.
Now it's time to search for tools that will work for you, and AI can really help. Input prompts like 'highly detailed spending tracker for a hands-on learner' or 'seeking best free mobile app for checking credit score in Canada' or 'insights-driven net-worth trackers for ETF investors under $15 per month.'
Compare the results with recent user reviews on Reddit, Google, app stores and in community groups. As an example, I belong to 'Moms at Work' on Facebook and we are always chatting about money, new personal finance tech and more. Consistency with budgeting, spending wisely, investing and saving is the secret ingredient to financial success. And consistency, though not easy, is free. There is no app required for that.
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